FATCA FAQs
Source: The Tax Specialist Journal Article
Published Date: 1 Jun 2013
On 18 March 2010, the Foreign Account Tax Compliance Act (FATCA) was signed into law in the US as part of the Hiring Incentives to Restore Employment (HIRE) Act of 2010. FATCA was enacted to uncover and thwart tax evasion by some US taxpayers using foreign accounts and offshore investment vehicles. To accomplish this goal, FATCA establishes a new withholding and information reporting regime, buttressing and supplementing the existing US withholding and information reporting rules. In broad terms, FATCA requires “foreign financial institutions” and “non-financial foreign entities” to identify and disclose their US accounts and substantial US owners, as applicable, or be subject to a 30% withholding tax on certain US-source income or gross proceeds payable to them.
On 17 January 2013, the lengthy Final FATCA Regulations were issued by the US Treasury Department, lifting the curtain on the formal implementation of the FATCA provisions enacted almost three years ago. This article provides responses to some of the frequently asked questions of those seeking to understand how FATCA might affect them.
Sorry, this is subscriber only content.
To gain access to this material and much more - Subscribe Now.
(Note: Members can access Taxation in Australia journal articles without a Tax Knowledge Exchange subscription - please log in to access).
Already a Subscriber? Login now
Already a Subscriber? Login now
Details
- Published By: Peter Norman, Lisa Rossmiller, Andrius Kontrimas, Ron Scharnberg
- Published On:1 Jun 2013
The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
The Tax Institute
(ABN 45 008 392 372 (PRV14016))
("TTI")
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
Copyright Statement
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.
Tags
Share this page